IDEAS home Printed from
   My bibliography  Save this article

Do Oil Prices Directly Affect Stock Markets:Evidence from Istanbul Stock Exchange


  • Ulaş ÜNLÜ

    (Nevsehir Üniversitesi)

  • Mert TOPCU

    (Nevşehir Üniversitesi)


The aim of this paper is to investigate the impact of oil prices on Istanbul Stock Exchange (ISE) using cointegration and causality analyses in two sub-samples: 1990:M1-2001:M2 and 2001:M3-2011:M12. Findings indicate that there is no long term and causal relationship in the first period while there is long term relationship and uni-directional causality running from oil prices to stock market in second period. Furthermore, in contrast to other oil importer countries, oil prices affect stock market positively in Turkey and the response of ISE index to the changes in oil prices is very expeditious.

Suggested Citation

  • Ulaş ÜNLÜ & Mert TOPCU, 2012. "Do Oil Prices Directly Affect Stock Markets:Evidence from Istanbul Stock Exchange," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 27(319), pages 75-88.
  • Handle: RePEc:iif:iifjrn:v:27:y:2012:i:319:p:75-88

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    References listed on IDEAS

    1. Noriyuki Takayama & Yukinobu Kitamura, 1994. "Household Saving Behavior in Japan," NBER Chapters,in: International Comparisons of Household Saving, pages 125-168 National Bureau of Economic Research, Inc.
    2. Attanasio, Orazio P & Weber, Guglielmo, 1995. "Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey," Journal of Political Economy, University of Chicago Press, vol. 103(6), pages 1121-1157, December.
    3. Tansel, Aysit, 1994. "Wage employment, earnings and returns to schooling for men and women in Turkey," Economics of Education Review, Elsevier, vol. 13(4), pages 305-320.
    4. Orazio Attanasio, 1994. "Personal Saving in the United States," NBER Chapters,in: International Comparisons of Household Saving, pages 57-124 National Bureau of Economic Research, Inc.
    5. Elin Halvorsen, 2003. "A Cohort Analysis of Household Saving in Norway," Discussion Papers 354, Statistics Norway, Research Department.
    6. Marco Manacorda & Enrico Moretti, 2006. "Why do Most Italian Youths Live with Their Parents? Intergenerational Transfers and Household Structure," Journal of the European Economic Association, MIT Press, vol. 4(4), pages 800-829, June.
    7. Tullio Jappelli & Marco Pagano, 1994. "Personal Saving in Italy," NBER Chapters,in: International Comparisons of Household Saving, pages 237-268 National Bureau of Economic Research, Inc.
    8. Halvorsen, Elin, 2003. "A Cohort Analysis of Household Saving in Norway," Memorandum 36/2002, Oslo University, Department of Economics.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Bülent Alta & Mert Topcu & Ebru Erdoðan, 2013. "Nevsehir University, Department of Economics, Nevsehir, Turkey," International Journal of Energy Economics and Policy, Econjournals, vol. 3(Special), pages 7-13.

    More about this item


    Oil price; Stock market; Istanbul Stock Exchange;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iif:iifjrn:v:27:y:2012:i:319:p:75-88. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ali Bilge). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.